The Cooling Off Period (NSW and ACT Properties)
When purchasing property in NSW or the ACT, every buyer is entitled to a cooling off period. The cooling off [...]
Becoming a first home owner is one of the most exciting times of your life. It is is often the first major investment a person will make, and one that can go a long way towards providing stability and financial opportunities in the future.
Open House Conveyancing has assisted many clients who are entering the property market for the first time. We provide clear and easy to understand advice to first home buyers.
Our lawyers will ensure the conveyancing process is as stress-free as possible, so all you need to worry about is enjoying your new home.
Our lawyers will answer all of your questions and assist you to access the First Home Buyers Assistance Scheme.
We know the conveyancing process can be confusing and overwheming. We take time to explain everything to first home buyers and make them feel comfortable.
We’re not just a company, we’re your team
Several costs are payable upfront when you purchase property. These are one-off fees and include:
1. Transfer duty or stamp duty
2. Bank fees and, if you are borrowing more than 80% of the value of your home, Lenders Mortgage Insurance (LMI)
3. Building and pest inspection and other searches
4. Legal or conveyancing fees.
5. Transfer and mortgage registration fees.
When you are the owner of the property, there will also be ongoing costs to pay, including council and water rates, utilities like electricity and gas, as well as maintenance and repair costs for the home.
It’s worth adding these costs into your budget so you can calculate how much you’ll need to save to buy and manage a home.
We have been helping people buy property for years and there are some common questions we are asked by first home buyers and seasoned investors.
For instance - what is a holding deposit? When should we arrange finance? How much stamp duty do we pay? The answers are all in our article 'Common Questions when Buying Property'
If you are thinking about engaging a buyer's agent to help you find and purchase a property, head over to our article 'What Is A Buyer's Agent?' for tips.
For most buyers, paying stamp duty is a requirement when purchasing property. In addition, stamp duty is often a large expense, adding up to more than $20,000.00 for the purchase of a property valued at $600,000.00.
We can provide you with advice on the amount of stamp duty payable for your purchase.
Are you wondering how the bank determines the interest payable on a mortgage?
Want to know the different between a fixed loan and a variable loan?
Our lawyers can review and advise on loan documents and mortgages. Ask us for a fixed quote!
Investing into Australian real estate is very desirable for many foreigners. Although it is possible for a foreign person to buy property in Australia, there are certain rules and regulations they need to follow.
Generally, a foreign person requires approval from the Foreign Investment Review Board (FIRB) to purchase property in Australia. This applies to foreign persons living overseas or persons visiting Australia on a temporary visa.
It is very important for foreign buyers to obtain legal advice before they sign a contract. We can provide advice on the steps to take to purchase property in Australia.
